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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Guyer Well Target Area.
Highlights
- High-grade rock chip assays have been returned from the Guyer target area with assays including:
136g/t Au 126g/t Au 67.4g/t Au 18.3g/t Au 15.5g/t Au. - Gold bearing rock chips support existing targeting work.
- Ongoing fieldwork has discovered over 700 gold nuggets along the Guyer Trend to date.
- More than 100 gold nuggets have been recovered during the last 4 weeks.
- Results from Guyer South AC drilling have identified bedrock gold anomalism beneath transported cover.
- Exploration work has located historic workings associated with the 11km long granite contact and the 7km long banded iron formation (BIF) Trend at Guyer.
- Mineralisation associated with granite contacts or BIF trends occur at major regional mines such as King of the Hills, Mt Morgans, Granny Smith and Sunrise Dam.
- Elevated tellurium (Te) in Guyer rock chip results is similar to nearby gold deposits known to have tellurides, like the Sunrise Dam, Wallaby and Jupiter gold deposits.
- The Guyer North target is presently being prepared for the commencement of exploration drilling.
Technical Director David Nixon commented:
“New high-grade gold results have been discovered within the Guyer target area, providing strong evidence of deeper buried mineralisation being revealed at surface by the Company’s ongoing exploration work.
The high-grade rock chip results from in-situ outcrop are exciting because they confirm and support the existing gold UFF+ soil anomalies.
The Guyer South AC drilling results also demonstrate that gold anomalism is concealed beneath deep transported cover.
The Guyer target area continues to deliver in-situ gold bearing rock chips and significant numbers of gold nuggets over key areas, and these results continue to strengthen the previous results from broad spaced Air Core holes, specifically at Guyer North, where a number of significant targets are being prepared for future exploration drilling”.
Figure 1 Gold rock chip assays across the Guyer Well target area and the Guyer South AC results.
Ongoing rock chip sampling across the Guyer target area has delivered several significant gold results, that include several high-grade gold results at Granite Contact South, Guyer North and East Well. The gold anomalism is supported by multi-element geochemistry, which reinforces the anomalies.
The majority of gold anomalous samples are hosted by quartz veining in granite, andesite or sediments, sometimes displaying evidence of sulphides or boxworks after sulphides.
Peak gold values from rock chip sampling include the following results:
Guyer North
Rock chip samples from the Guyer North prospect returned significant gold results that support the existing gold anomalies. Gold mineralisation was associated with quartz veining in andesite on the eastern side of the ridge at Guyer North. A number of these samples had anomalously high silver values when compared to gold. This geochemical relationship could be indicative of an earlier epizonal style of mineralisation.
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This article includes content from Icenic Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
41m at 2.01g/t Au from Surface at Murchison South Gold Project
HIGHLIGHTS
- RC drilling from the first two (2) holes at the Murchison South gold project has intersected high grade gold, providing initial validation of historical drilling results
- Significant assay results include (down hole widths):
- 25PFRC001 (Hole 1)
41m @ 2.01 g/t from surface; including 15m @ 2.01 g/t from 2m, and
5m @ 10.01 g/t from 36m
- 25PFRC002 (Hole 2)
22m @ 0.70 g/t from 33m; including 10m @ 1.05 g/t from 33m, and
1m @1.61 g/t from 45m
- 25PFRC001 (Hole 1)
- A total of fourteen holes were drilled for 1463m at an average depth of 104m, at the Blue Heaven deposit
- Results from the first two drill holes align with the interim mineralisation analysis completed by Mining Plus, with the holes having intercepted the main rock types and showing a well- defined weathering profile
- Assays from the remaining 12 holes are due next week
Commenting on the results CEO Jeremy Bower said:
“These fantastic initial results give us a great start towards validation of the historic drilling and resource model at our Blue Heaven deposit. We have hit some high-grade shallow gold intervals, which align with the model, which is very encouraging, and we now eagerly await assays from the remaining 12 holes so we can get a complete understanding of our project.”
Figure 1: Murchison South Gold Project showing the Blue Heaven deposit with current and historic drilling.
The drill program comprised 14 RC holes for a total of 1463m at an average depth of 104m and collection of 1588 samples for assay. This announcement relates to the first two (2) drill holes only (Refer to JORC Table 1 Appendix A for full results and collar table from holes 25PFRC001 & 25PFRC002).
Figure 2: Cross Section.
The weathering zone is not intercepted in this cross-section but appears further south from Section 3 (Figure 1). Cross-Section 1 (Figure 2) displays multiple high-grade zones that broadly align with the existing model. Low-grade zones (yellow) envelop the high-grade mineralisation and correlate well with the new drilling.
Once all the drilling results have been received, Mining Plus will have sufficient data to interrogate the results before integrating them into their model. This will guide the next steps in optimizing pit designs at the Blue Heaven deposit and additionally will help determine the number and locations of planned diamond drill holes, which will be the source of sample material for the required metallurgical testing and geotechnical analysis.
Key Next Steps
- Receipt of remaining assay results
- Mining plus continue their independent mining review
- Metallurgical test work
- Negotiations with mining contractors and processors
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This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
